How can traditional financial institutions stay in the ever competitive banking market?
Every quarter there is a study or an article predicting that banks will be out of business in the future. Gartner pointed out that 80% of today’s financial firms will be made irrelevant by 2030.
Another study recently forecasted that 1 in 10 banks will disappear within the next five years. One of the key reasons behind these predictions is that traditional banks are not meeting the market needs, trends and expectations, and they are not able to keep up with the pace of digitalisation. That all leads to decreased customer satisfaction and loss of revenues.
Fintechs are very often blamed on taking the business from banks and posing the threat of going out of business. How can financial institutions be competitive enough to stay in the market? In the latest issue of our magazine, EveryPay, a fully cloud-based payment gateway platform tells us about it.
EveryPay is a different kind of a fintech as it empowers banks and processing centres with its fully cloud-based and world-class payment gateway platform helping them to stay relevant and take advantage of boosting the digital payments trends.
Read more about it here.